Small towns are seeing a spike in cryptocurrency trade. Youth involvement is the highest in tier three cities, where it has doubled. Since Trump took office, interest in cryptocurrency trading has grown despite the absence of rules.
Every day, Ashish Nagos, who owns a flower business in Nagpur, learns how to trade cryptocurrencies. In other regions of India, thousands of individuals are following in his footsteps with this new investment. In the past, Nagos traded stock options, but it got challenging because of new rules. Nagos, 28, now aspires to use cryptocurrency trading as a fallback for his family business.
Nagosh told Reuters, "I want to run my shop, but when business slows down, like after Diwali, I can earn income from trading," while he waited for customers in front of his store. Around him were bouquets of marigolds and crimson roses.
India led the way in the use of cryptocurrencies last year. Due to new traders like Nagosh in India, trading volumes of bitcoin, ethereum, dogecoin, and other cryptocurrencies increased to $1.9 billion in the October-December quarter, according to CoinGecko, a website that provides cryptocurrency data.
Growing youth interest
In India's tiny villages, the graph of cryptocurrency trading is growing quickly, and young people are already attempting to use it to boost their income. Of the 1.4 billion people living in the nation, two-thirds are under 35.
Young people are turning to cryptocurrency after previously investing in stocks and derivatives. One explanation for this is the expectation that the cryptocurrency industry will receive additional concessions following President Donald Trump's election victory in the United States. By 2035, the Indian cryptocurrency industry might reach over $15 billion, according to Kush Wadhwa, a partner at the accounting company Grant Thornton India.
"There is a lot of curiosity about crypto at the grassroots level, especially after Trump became president, the whole scenario of crypto is changing," Edul Patel, co-founder of India's cryptocurrency trading exchange Mudrex, told Reuters.
The price of cryptocurrencies skyrocketed in January following Donald Trump's election as president. Investors anticipate a lenient approach from his administration toward the cryptocurrency industry. Bitcoin, Ethereum, and other digital currencies saw sharp price increases. Large US market institutions also boosted their investments in it, and the price of bitcoin rose to about 104,110. But shortly after, the price of one bitcoin dropped to 90,000.
Large cryptocurrency investments from small cities
Seven small cities, including Jaipur, Lucknow, and Pune, were among the top ten cities in India for cryptocurrency trading. This is data from CoinSwitch, a well-known cryptocurrency site. According to CoinSwitch's vice president, "local cities are now driving growth instead of larger areas. This is evident in the cryptocurrency and stock markets.
Crypto trade is subject to severe levies levied by the Indian government. Young people like Sagar Neware, 25, are involved in it in spite of this. According to Neware, "A few years ago, my father had to shut down his plastic packaging company. My goal is to start again by making money with cryptocurrency. Neware makes Rs 25,000 a month working in Nagpur's transport office.
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